SEATTLE, June 24, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.03 percent, down just three basis points from this time last week. The 30-year fixed mortgage rate hovered around 4.08 percent for the majority of the week, before dropping modestly to the current rate on Tuesday morning.
"Last week, mortgage rates remained stable as the Federal Open Market Committee's policy statement contained few surprises," said Erin Lantz, vice president of mortgages at Zillow. "With little anticipated economic news this week, we expect rates will remain steady, similar to the pattern they've held for the past few weeks."
Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.
The rate for a 15-year fixed home loan is currently 3.0 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.79 percent.
Mortgage Application Activity
Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show activity for both refinance and purchase loans to rise by 7 percent from the week prior. Refinance volume for the week ending June 20, 2014 is predicted to rise by 27 percent while purchase volume is predicted to fall by 2 percent. Zillow combines loan requests made on Zillow Mortgage Marketplace last week with the previous week's Mortgage Bankers Association (MBA) Weekly Application Index to predict the MBA's Weekly Application Index, which will be released tomorrow. For more information about this prediction, visit http://www.zillow.com/research/mortgage-app-index-now-cast-7013/.
"We expect that the rise in refinance mortgage applications is likely due to a combination of low enough interest rates to spur refinance activity and a rebound from the drop in applications the week prior," said Lantz.
Below are current rates for 30-year fixed mortgages by state. Additional states' rates are available at: http://www.zillow.com/mortgage-rates.
|
State |
Current 30-Year Fixed Rate (06/24/14) |
Last Week's 30-Year Fixed Rate (06/17/14) |
Change in Basis Points |
| California Mortgage Rates | 4.11% | 4.08% | +3 |
| Colorado Mortgage Rates | 4.10% | 4.12% | -2 |
| Florida Mortgage Rates | 4.01% | 4.06% | -5 |
| Illinois Mortgage Rates | 4.05% | 4.05% | 0 |
| Massachusetts Mortgage Rates | 4.03% | 4.05% | -2 |
| New Jersey Mortgage Rates | 4.02% | 4.08% | -6 |
| New York Mortgage Rates | 4.04% | 4.07% | -3 |
| Pennsylvania Mortgage Rates | 4% | 4.03% | -3 |
| Texas Mortgage Rates | 4.02% | 4.04% | -2 |
| Washington Mortgage Rates | 4% | 4.07% | -7 |
About Zillow Mortgage Marketplace
Zillow Mortgage Marketplace, operated by Zillow, Inc., is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.
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